On 29 May 2009 the Amsterdam Court of Appeal delivered a landmark decision regarding an international collective settlement of mass claims. A settlement agreement had been entered into by Shell in connection with the recategorisation of certain of its oil and gas reserves in 2004. The Court declared the settlement binding on all shareholders who purchased shares in a certain period, except for shareholders who are domiciled in the US or who purchased the shares on the NYSE (there is a parallel settlement for those shareholders). This is the first international application of a Dutch law mechanism that facilitates settlement of mass claims. See “Shell: landmark decision regarding international collective settlement of mass claims” our legal alert dated 2 June 2009, which can be downloaded from our website.
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